As Mike said, there won't be an income limit for you because for purposes of Section 179 your W-2 of $95,000 counts as income.
As Mike also said, you'll want to determine if you actually want to take that full cost to result in a loss. Your business loss of $50,000 would decrease your income tax from your W-2 income. However, if you spread out the deduction into future years, it will likely save BOTH income tax AND Self-Employment tax from the business.
